Reed confirmed a Buffalo News report that on 38 occasions, he was one to two months late in paying property taxes on several homes he owns with his wife or his business. The late tax payments occured in Steuben and Chemung counties since 2005. Reed has paid all of the bills in full.

During his Monday morning conference call, Reed called the report "character assassination" dug up by Democrats in Washington. Despite that, he took full responsibility for paying his taxes late.

"When we go to Congress, there are strict rules about what I can be involved with and what I can't be involved with when it comes to business relationships and business operations," said Rep. Reed. "This is part of the problem because these payments include those business ventures that I was associated with prior to going to Congress."

2 On Your Side's Aaron Saykin asked Rep. Reed how he accounts for not paying taxes on his own home - on time?

"That is correct, and we're going to strive to improve there. And that's an issue between my wife and I," said Rep. Reed.

Reed later clarified and said he was not suggesting the late payments were his wife's fault.